When Investigate magazine first raised the issue of Peak Oil way back in February 2004, we quoted petroleum experts who were warning oil could hit US$200 a barrel.
The media, initially, laughed at us, focusing on the furphy of oil running out. Oil won't run out. But the oil left to be discovered is more expensive than the cheap oil we've enjoyed to now. Demand from China and India as emerging powerhouse economies is putting massive pressure on existing supplies, hence the surge of oil to $135 a barrel.
Now I see some in the US are predicting US$12 a gallon... and $300 a barrel!